CMC was founded in 2009 with a fund size of RMB5 billion ($803 million) with initial investors including China Development Bank Corp. It has since raised more capital and expanded its portfolio of media assets.

It acquired the Chinese-language Star China channels previously run by News Corp., as well as Fortune Star, the world’s largest Chinese film library and last year added a major stake in investigative news website Caixin Media.

Last year CMC and Time Warner announced that they would jointly explore media opportunities in China, with Time Warner putting some $50 million into the fund.

SMG and CMC are both backers of and is a backer of Oriental DreamWorks, the Shanghai-based animation joint venture that yesterday unveiled plans for a theme park style complex.